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Data: Chainalysis; Chart: Axios Visuals

The cryptocurrency bug is real.

Driving the news: Crypto adoption by consumers around the world soared by 880% in the last year, according to a new index created by Chainalysis, a blockchain analysis company.

Why it matters: The increasingly widespread use of crypto tells different stories about the dynamics within different countries. Taken together, it shows that digital assets are becoming deeply embedded in the global financial system.

  • Adoption is an estimate weighted toward per capita use of crypto, as opposed to a measure of absolute trading volumes, within each country.
  • The index reading for each quarter is a sum of all 154 countries' index scores. (Read more about Chainalysis' methodology at the index web page.)

Progress on technology and exchanges has underpinned much of the growth in crypto adoption, Chainalysis’ director of research, Kim Grauer, tells Axios.

Zoom in: Vietnam took the top ranking for most widespread adoption. Usage there tends to be heavily speculative, Grauer says.

  • "There's a really technologically savvy population of young people" who have limited access to investments like stocks and ETFs, she adds.
  • Nigeria is also a top adopter. Usage there is more weighted toward actual commerce — especially for avoiding capital controls in order to import goods from trading partners like China, says Grauer.

Go deeper

Service sector grew in September despite shortages, weak job gains

Data: Institute for Supply Management; Chart: Axios Visuals

Two more measures of economic activity released Tuesday showed expansion during the month of September. But growth was held back by the macro themes of the moment: continuing supply shortages and weak employment gains.

Driving the news: The Institute for Supply Management’s Services PMI Index (which measures all non-manufacturing activity) increased — barely — to 61.9 from 61.7 in August. Consensus expectations were for the index to decline to 60.

"Atmospheric river" swings parts of Pacific Northwest from drought to flood

Satellite view of the bomb cyclone swirling off the coast of the Pacific Northwest and the atmospheric river affecting California on Oct. 24. Photo: CIRA/RAMMB

A series of powerful "atmospheric river" storms are delivering historic amounts of rainfall across parts of drought-stricken California and the Pacific Northwest — triggering widespread power outages, flooding and mudslides.

Why it matters: The atmospheric river, packing large amounts of moisture, was causing Northern California to whiplash from drought to flood, as it slowly moved south overnight. The storm system claimed the lives of two people in Washington state after a tree fell on a vehicle amid powerful winds Sunday.

In photos: Drought-ravaged California lashed by major storm

Workers try to divert water into drains as rain pours down on Oct. 24 in Marin City, California. Photo: Justin Sullivan/Getty Images

A major storm system was pummeling Northern California and parts of the Pacific Northwest with heavy rains overnight.

The big picture: "Atmospheric river" storms, associated with a record-strong "bomb cyclone" offshore from the Pacific Northwest, have brought flooding and mudslides to parts of California that were razed by recent wildfires and in severe drought. It's also caused widespread power outages in California, Oregon and Washington state.